{"id":32120,"date":"2026-09-02T17:13:53","date_gmt":"2026-09-02T16:13:53","guid":{"rendered":"https:\/\/investx.fr\/en\/2026\/09\/02\/strategy-ceo-phong-le-defends-bitcoin-sale\/"},"modified":"2026-09-02T17:13:59","modified_gmt":"2026-09-02T16:13:59","slug":"strategy-ceo-phong-le-defends-bitcoin-sale","status":"publish","type":"post","link":"https:\/\/investx.fr\/en\/crypto-news\/strategy-ceo-phong-le-defends-bitcoin-sale\/","title":{"rendered":"Strategy CEO Phong Le Defends Bitcoin Sale as ‘The Right Trade at the Right Time’"},"content":{"rendered":"\n

Strategy<\/strong> sold a fraction of its Bitcoin holdings during a ten-week pause \u2014 and its CEO is standing fully behind that decision. Phong Le<\/strong> has broken his silence in the face of investor criticism, asserting a rigorous capital management rationale. Behind the controversy lies a strategy far more calculated than it might appear.<\/p>\n\n\n\n

A Defensive Sale, Not a Capitulation<\/h2>\n\n\n\n

Speaking to Bloomberg<\/strong> on Tuesday, Phong Le described the Bitcoin sale as a “good trade at the right time”<\/strong>, dismissing any bearish interpretation of the decision. According to him, the objective was clear: to strengthen the company’s balance sheet and achieve what he calls a “bulletproof balance sheet”<\/em>. Strategy<\/strong> suspended its BTC<\/strong> purchases for ten weeks starting in June, selling small quantities to build two liquidity reserves.<\/p>\n\n\n\n

The CEO was emphatic about the firm’s philosophy: “We do not make decisions based on the price of Bitcoin.”<\/strong> The sale was driven by a mathematical capital management equation, not a market signal. That distinction is essential to understanding Strategy<\/strong>‘s positioning as a net long-term accumulator of BTC<\/a><\/strong>, regardless of short-term price fluctuations.<\/p>\n\n\n\n

Strategy<\/strong> also used this period to buy back a portion of its preferred stock STRC<\/strong>, which was trading at a discount. A move that highlights the growing sophistication of the company’s financial management<\/strong> \u2014 well beyond a simple Bitcoin buy-and-hold approach.<\/p>\n\n\n\n

\"Strategy<\/figure>\n\n\n\n

845,000 BTC and an $8.22 Billion Loss: The Strategy Paradox<\/h2>\n\n\n\n

Strategy<\/strong> remains, by a wide margin, the largest corporate holder of Bitcoin in the world, with 845,050 BTC<\/strong> valued at approximately $65.1 billion<\/strong> at current prices. The firm resumed its purchases on Monday, bringing its ten-week pause to an end. Yet the financial picture remains mixed: in its July quarterly results, Strategy<\/strong> reported an accounting loss of $8.22 billion<\/strong>.<\/p>\n\n\n\n

Phong Le<\/strong> brushed off the loss entirely, calling it irrelevant in the short term. His comparison was bold: “We are the J.P. Morgan of the crypto economy,”<\/em> he stated, adding that selling 1,000 BTC out of 840,000 is “inconsequential in the broader conversation.” It is a confident piece of rhetoric designed to reframe investor perception around the true scale of the firm’s operations.<\/p>\n\n\n\n

On the market, MSTR (Nasdaq)<\/a><\/strong> is down 2% on Wednesday<\/strong> and is showing a year-to-date performance of -22%<\/strong>. The CEO remains confident nonetheless, anticipating a significant rebound in the stock in 2026, driven by what he describes as the beginning of “a particularly intense bull market.”<\/em> A conviction that stands in sharp contrast to the usual caution exercised by executives of publicly listed companies.<\/p>\n\n\n\n

Strategy, All-In on Bitcoin: A Thesis That Divides<\/h2>\n\n\n\n

Formerly known as MicroStrategy<\/strong>, the company underwent its radical transformation in 2020 under the leadership of Michael Saylor<\/strong>, making Bitcoin<\/a><\/strong> its primary reserve asset. What was initially intended to shield shareholders from inflation evolved into an aggressive accumulation strategy, turning MSTR<\/strong> into a Bitcoin proxy listed on a public exchange \u2014 with leverage inherent to the company’s corporate structure.<\/p>\n\n\n\n

Investors who buy MSTR<\/strong> are seeking precisely that amplified exposure to BTC price movements<\/strong>, which explains why the stock is so sensitive to treasury management decisions. The partial sale of BTC<\/strong>, however minor relative to the overall portfolio, was enough to fuel doubts about the consistency of the investment thesis. Phong Le<\/strong> is working to restore confidence by reaffirming that Strategy<\/a><\/strong> has no plans for further disposals in a bull market environment.<\/p>\n\n\n\n

The real question remains open: how long can Strategy absorb accounting losses<\/strong> while maintaining market confidence? The answer will depend as much on the trajectory of Bitcoin<\/strong> as on management’s ability to handle its financial communications with the same precision it applies to its capital operations.<\/p>\n\n\n\n

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